We are excited to announce that Matchstick Ventures Fund III has completed an investment in Bean. Bean is a marketplace and workflow management platform for accounting and finance services.
The Market Opportunity
With the rise of the gig economy over the last decade, and the world embracing remote work because of the pandemic, specialized accounting services have become one of the fastest-growing segments for consulting and project-based work.
Market Size
$37B
Annual spend on financial consultants in the US
$70B
Expected market size in six years
50%
Current CFOs relying on project-based accounting talent
Because of these dynamics, half of current CFOs are already relying on project-based accounting talent to help them do their jobs effectively. Each year they spend $37 billion, in the US alone, on financial consultants to help mitigate issues related to variable accounting and finance needs. That number is expected to rise to over $70 billion in the next six years.
The Problem
Today, CFOs turn to established, traditional firms - the Big Four (Deloitte, Ernst & Young, PWC, and KPMG) who dominate the market or, if they can't afford them, lesser known firms who are hit or miss on quality.
Industry Crisis
With the lack of balance so pervasive in the Industry, more than half of accountants are considering quitting their jobs in the next nine months, with many considering working as consultants on their own as an option.
Unfortunately, there are few avenues that connect specialized accountants and financial services talent with clients outside of word-of-mouth referrals or expensive and inefficient old-school marketing. Vice versa, CFOs are relying mainly on references and recommendations when making decisions about hiring these financial consultants.
The Solution: Bean
Bean provides an online marketplace for CFOs and corporate finance teams to access top-tier, pre-vetted accounting and finance talent, while also providing tools to help these professionals manage their projects and find new clients.
For Companies
- ✓Access to pre-vetted, certified talent
- ✓AI-powered matching technology
- ✓Transparent reviews and feedback
For Accountants
- ✓Project management tools
- ✓Automated billing and invoicing
- ✓Client discovery platform
How It Works
Qualification & Background Check
Before engaging on projects, "Beans," as talent is called, are qualified and background-checked, with requirements for certifications and experience.
Smart Matching
Bean leverages dynamic technology to suggest the best matches between projects and talent, with machine learning over time to suggest better matches even quicker.
Project Management
Once a project is started, Bean offers timesheets and billing options for accountants to manage invoicing and payments.
Quality Assurance
The platform provides automated reviews so future clients can see feedback and ensure ongoing quality.
The Team
With experience in both the world of accounting and finance as well as technology, Bean's founders Anees and Cono are uniquely positioned to both see the inefficiencies and flaws in the current system and to innovate through them. We were connected with them during the Techstars LA program, and are excited about the opportunity in this space.